Westpac to Take One-off Charge of $956mn on H2 Profits
Australian banking major Westpac said that it will take a one-off charge of AUD 1.3bn ($956mn) against its H2 profits after quitting energy trading and provisions to ‘pay out customers seeking remediation for wrongly charged fees, and costs associated with the...
GCC Banks’ NPLs Set to Surge, Says S&P
S&P Ratings analysts say that non-performing loan (NPL) ratios of GCC banks are expected to surge in the next 1-2 years as central banks gradually withdraw forbearance measures and the pandemic’s impact on weaker businesses are revealed. The analysts expect NPLs...
Deutsche Bank Upgraded to BBB+ by Fitch
Fitch upgraded Deutsche Bank to BBB+ from BBB with a positive outlook reflecting “good progress and increasingly manageable challenges arising from the restructuring initiated in 2019”. They see higher chances of a successful execution of the last phase of...
MUFG to Sell US Retail Business in $8bn Deal to US Bancorp
Japan’s MUFG and its core banking subsidiary MUFG Bank have reached a definitive agreement to sell their stake in US consumer banking subsidiary MUFG Union Bank (MUB) held through MUFG Americas Holdings Corporation (MUAH) to U.S. Bancorp (USB) in a deal worth...
